Finance App Development |How to Make App like Earnin?

Mobile App Development

how-to-make-an-app-like-earnin

Month end and no money in wallet. A problem we encounter every month. And in case you don’t, let’s catch up for a date at the end of this month. Don’t worry it’s on you.

On a serious note, it’s never a good idea to see your expenses missing pace with earnings. Nonetheless, each one of us is its victim. Exactly why an innovator thought of the smart financial apps for lending money. For shopaholics whose shopping spirits never seem to take a back seat, to the foodies whose entire money goes consumed by the delicacies, to the travelers whose nomadic outlook takes away all the income, these apps are nothing less than magic.

Today, we are going to explore this realm a bit more and check out how payday startups can take a step ahead with finance app development, something just like the most popular, Earnin.

And, here we go!!!

Earnin: The Finance App

screen-shot-2018-08-16-at-12-08-59-am

Image Courtesy: Birds Of a Fire

Based in California, the United States, Earnin, the fintech startup, was launched back in 2014. This financial app, Earnin, allows its app users to get paid as soon as they leave work instead of having to wait for their payday.

The finance app, Earnin, formerly known as Activehours, which helps hourly, gig, and salary workers to track their earnings and transfer them to their accounts. And, app users can also check their accounts in real-time.

According to the latest report from App Annie, “The download rank of Earnin app is going upward.”

How is it Different from Other Financial Apps?

This budgeting app is not about investing money, but it is based on a very unique concept, which is in a favor of gigs, weekly/monthly salary workers. It is designed to help workers and unlock their earnings without having to wait days or weeks for their next paychecks.

According to the report from CNBC, “More than three-quarters of U.S workers live paycheck to paycheck. It means that millions of people don’t have a safety net to cover their unexpected expenses.”

3 Powerful Solutions That Payday Startups Can Consider While Developing a Successful Finance App like Earnin

1. Analyze The Pain Points of Customers

Whenever it comes to budgeting, there is nothing that can make things easier for people. This is due to the fact that there are financial shortfalls, which usually happen to people. According to the research, the financial shortfalls like payday loans and bank overdrafts happen 18% more when there is a great mismatch between the timing someone’s income, plus the bills they have.

Furthermore, as per the report from Earnin, “People pay $100 billion a year in fees while they wait for their paychecks.” So, it is essential to analyze the pain points of customers and provide solutions to them. When it comes to the solutions, the payday startup needs to provide solutions as what exactly your customers are looking for.

The finance app like Earnin unlocks users to pay by giving them access to the money, which they have already earned when they require, right from their smartphones. In order to give your users the fair wages, you need to start implementing solutions, which can add value to your customers’ lives.

2. Transparency

When it comes to wages, then you as a startup need to make sure you are offering solutions that are something which is helpful and valuable to them. So, one core solution is ‘transparency’ that you can’t miss to afford while developing a payday app like Earnin. Above all, transparency must be one of the top priorities when you’re considering solutions for the finance app.

Well, in order to get success and build the popular finance app, then transparency in business is required. So, you need to remain open and informative regarding the finances. When a user signs into the finance app like Earnin, then the app connects to their bank accounts. And, the app also concludes the user’s pay cycle and debits their accounts the amount they have borrowed on their payday.

Moreover, app users do not require any paychecks for their work done in the past days or hours. While developing an app for financial services, transparency is one of the core solutions, which can actually work for users.

3. A Powerful Community of Workers With Fair Strategy

The next important solution, which standouts the finance app, Earnin is a powerful community where workers and gigs are over there. Sometimes, people require or seek help from others regarding finances, so this a pain point, which is analyzed by Earnin app. Well, a powerful community can help you to stand out from your competitors.

The finance app, Earnin, is based on the concept where there is no hidden costs and interests. However, app users have the option about the tip. After each transaction, users can use that tip option, which is used to fund the next withdrawal.

Being a fintech or payday startup, if you are all set to create a finance app like Earnin, make sure to provide something valuable to them.

Final Thoughts

For payday startups, all you just need to build trust and retain the trust of your customers. While creating finance apps like Earnin, you need to work on these solutions that will help you from idea to execution. So, if you are having an app idea on finance apps or financial services, then you can cross-verify it with us as we’re a leading Android/iPhone app development company. We’ve already developed over 3500 mobile applications along with unique features and functionalities.

In case, if you still have any query or confusion regarding the cost of making an app like Earnin or the app development timeline, then you can get in touch with us through our contact us form. One of our sales representatives will revert to you as soon as possible. The consultation is absolutely free of cost.